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 by Staff Writers Washington DC (UPI) Mar 07, 2019
Oil prices rose early Thursday after a commercial inventories report in the United States released yesterday revealed a smaller stockpile buildup than analysts expected. The U.S. Energy Information Administration on Wednesday issued a report showing a lower buildup of stocks than Tuesday's report from the American Petroleum Institute pushing stocks down ahead of this morning's open. West Texas Intermediate prices rose 0.9 percent to $56.75 per barrel as of 8:53 a.m. EST with Brent prices rising 1 percent to $66.62 per barrel as of the same time. WTI continued to recover from $55.80 per barrel on Friday. It increased to $56.56 per barrel on Tuesday before declining to $56.22 per barrel on Wednesday. "Yesterday's EIA inventory report showed a larger than expected build in crude stockpiles at 7 million, however, given that this had been lower than the API report of 7.4 million, Brent crude futures saw an initial blip higher," DailyFX analyst Justin McQueen told UPI. Waivers by the United States currently in place allowing eight countries to purchase Iranian oil are set to expire in May, and there will be increasingly in coming weeks uncertainty regarding renewal. "Much of the focus over the coming month will be as to whether the U.S. will grant an extension to the current oil waivers. While India has highlighted that they want to continue to purchase around 300,000 of Iranian oil in any extension, the U.S. State Department has reiterated their desire to push Iranian oil purchases to zero," he added in a report. The sanctions against Iran were announced in May. The possibility that Iranian output could be disrupted helped oil prices increase. Prices reached a peak on Oct. 3 when WTI traded at over $76 per barrel. Iran was exporting about 2.8 million barrels per day in April, before the sanctions were announced. However, on Nov. 5 as the sanctions were to go into effect, the U.S. announced six-month waivers so that eight nations, including the country's biggest purchasers, could continue buying Iranian crude. "A decision not to provide an extension would likely see oil prices continue to firm," McQueen said. WTI prices started the year at levels just above $46 per barrel. Prices have increased in part after the OPEC and Russia agreed to reducing output by 1.2 million barrels per day starting this year. Concern about political volatility, and to potential crude oil supplies disruption following U.S. sanctions against Venezuelan oil, have contributed to gains in prices of about 22 percent in the case of WTI, so far this year. Crude oil prices had weakened in the last quarter of 2018 on concerns that the market was oversupplied, amid rapidly increasing U.S. production. There were also concerns about a potential economic slowdown curbing crude oil demand.
New Zealand joins Solomons oil spill response Wellington (AFP) March 1, 2019 New Zealand joined an international effort Friday to limit damage from oil spilling out of a ship that ran aground near World Heritage-listed waters in the Solomon Islands almost a month ago. The MV Solomon Trader became stranded on a coral reef on February 5 while loading bauxite at remote Rennell Island, about 240 kilometres (150 miles) south of the capital Honiara. Efforts to salvage the 225-metre bulk carrier have so far failed and experts estimate about 75 tonnes of heavy fuel oil has leake ... read more
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